Independent record labels are experiencing a surge in international revenue as streaming services such as Spotify open up foreign markets previously accessible only to local music companies and major labels with global marketing and distribution capabilities.

Amid his familiar wide-eyed predictions about the company’s future, Ek confirmed that the service now has 71 million global subscribers, along with 3,500 employees and more than 35 million tracks — “but we’re just getting started.”

Sound recording is younger than you might think - it was only invented around 130 years ago. Over this time, it has evolved from physical to magnetic, then digital, ultimately losing the need for a physical medium.

As expected, SoundExchange’s gross distributions in the U.S. fell more than $225 million, or 26.2 percent, to $652 million from last year’s total of $884 million, due to Pandora switching from a compulsory license to direct deal with record labels.

Most of the income from music streaming goes to the artists, publishers and labels, and streaming services are struggling to make a profit. If Spotify can gather 100 million subscribers, it may start to make money